Umbrella insurance is an additional liability insurance policy that is an extension of the underlying policy limits utilized when the underlying policy limits are exhausted. This type of insurance policy is designed to help protect you from major claims and lawsuits. This will also protect your assets and your future. It does this in two ways:
- Provides additional liability coverage above the limits of your homeowners, auto, and boat policies.
- Provides coverage for claims that may be excluded by other liability policies including false arrest, libel, slander, and liability coverage on rental units you own.
Umbrella Insurance Covers
- Injuries to others
- Damage to the property of others
- Specific lawsuits
- Personal on and off premises liability coverage.
This goes beyond the underlying policy limits on your Homeowners, Renters, Auto and other liability Coverages you have both personal and for Business purposes.
Bodily Injury Liability – covers the cost of damages to another person causing bodily injury resulting in financial and physical damages. Examples include the cost of medical bills and/or liability claims as a result of:
- Injuries to other parties due to a serious auto accident where you are at fault
- Harm caused to others as a result of an accident or dog bite
- Injuries sustained by a guest in your home or on your property
Property Damage Liability – covers the cost of damage or loss to another person's tangible property. Examples include the cost associated with:
- Damage to vehicles and other property as a result of any accident where you are at fault
- Damage claims incurred when your pet causes property damage
- Accidental damage to property of others by anyone in the household.
Owners of Rental Units – helps protect against liability that you may face as a landlord. Examples include the cost of liability claims as a result of:
- Someone tripping over a crack in the sidewalk of your rental property and suing you for damages
- Your tenant's Pet causing Injury or property damage to the property of others.
Coverage is also provided should you be sued for:
- Slander – injurious spoken statement
- Libel – injurious written statement
- False arrest, detention, or imprisonment
- Malicious prosecution
- Shock/mental anguish
- Other personal liability situations
For further assistance understanding “Umbrella Coverage” contact us today and lets talk about it.